Markets

Australian Stock Market Report – Afternoon 6/22/2012

MARKET CLOSE

(4.30pm AEST)

The Australian sharemarket lost ground today for the third time this week, with the All Ordinaries Index (XAO) falling 1 pct or 39.9 pts to 4093.8. Despite today's slump, the Aussie market has actually only eased by 0.32 pct over the past five days thanks to a strong performance on Monday.

Commodity prices plummeted overnight, due in part to growth concerns and disappointing manufacturing reports in China, Europe and the U.S over the past 24 hours. Australia's largest miner, BHP Billiton ( BHP ) fell 2.11 pct or 68 cents to $31.52.The miner has committed US$845 million to construct a new mine in Eastern Australia. This comes just days after Rio Tinto ( RIO ) said it would commit around $4.2 billion to the expansion of its iron ore business. RIO dropped by 1.55 pct or 88 cents to $56.02. Fortescue Metals Group (FMG) was one of the few major players to improve strongly today, after rising 2.51 pct or 12 cents to $4.91. FMG has lodged a high court challenge against the Mineral Resource Rent Tax (the Federal Government's mining tax). According to FMG, the tax gives unfair preference to one state over another.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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